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The African Development Bank was awarded top place in the “Infrastructure Deal of the Year“ category for 2025 by The African Banker Awards, in recognition of its pivotal role in financing the transformational 1.1 GW Suez Wind Power Project in Egypt - the largest wind energy project in Africa to date. Situated in the Gulf of Suez, the project is being developed by Suez Wind Energy S.A.E., a special purpose vehicle formed by ACWA Power and HAU Energy B.V. (a consortium comprising Hassan Allam Utilities, Meridiam, and EBRD), with Oman Investment Authority and the Sovereign Fund of Egypt as equity partners. The 1.1 GW wind farm will incorporate 138 Envision turbines, each boasting an 8MW capacity, marking the inaugural deployment of this advanced wind technology in Africa. The award, announced during the Bank Group’s 2025 Annual Meetings held in Abidjan, Cote d’Ivoire, celebrates the Bank’s leadership and innovative approach in mobilizing $140 million in financing for the landmark $1.04 billion project. This transaction is recognized as a model for reshaping Africas renewable energy landscape through strategic financial engineering and collaborative partnerships. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development & International Cooperation in Egypt said: The Suez 1.1 GW Wind Power Plant Project stands as a powerful example of what national commitment and strong partnerships can achieve. As the largest wind energy project in Egypt and one of the largest in Africa, it reflects the strength of Egypts Country Platform under the NWFE programs energy pillar.” She added, “Receiving international recognition, from the African Banker Awards and EMEA Finance, not only underscores the scale and impact of this endeavor, but also reinforces Egypts commitment to delivering clean, reliable and affordable energy, while advancing our climate goals under the Paris Agreement. Wale Shonibare, African Development Bank Director for Energy Financial Solutions, Policy and Regulation noted: “The Suez Wind project exemplifies what can be achieved through strong partnerships, rigorous due diligence, and innovative financial structuring. It demonstrates Africa’s ability to lead in deploying complex renewable energy technologies at scale.” Jing Li, Division Manager, Energy Financial Solutions, African Development Bank, said the transaction marked the third successful collaboration, following the Redstone 100 MW CSP in South Africa, and the Kom Ombo 200 MW solar PV project in Egypt. “We are immensely proud of our achievements and look forward to scaling up our partnership to electrify Africa with cleaner, more resilient energy systems,” she said. Beyond financing, the African Development Bank played a pivotal role in navigating and overcoming the unique challenges of this pioneering project. These included ensuring environmental protection in areas vital for bird migration, managing macroeconomic volatility, and integrating untested turbine technologies. The Bank also supported the integration of robust environmental safeguards, including advanced bird monitoring systems and strategic turbine placement, thereby ensuring a sustainable balance between energy development and conservation. Once operational in 2027, the wind farm will generate approximately 4,111 GWh of clean electricity annually, sufficient to power over one million households and concurrently offsetting 1.71 million tons of CO2 emissions per year. Furthermore, the project is expected to create 1,425 full-time and 315 part-time jobs during its construction phase, with a strong emphasis on youth employment and gender inclusion. The African Development Bank has been a strong partner to Egypt’s energy sector. Over the past decade, it has supported the energy transition in Egypt through a series of non-sovereign investments in renewable energy projects including three projects in the Benban solar park and the Kom Ombo 200 MW solar power plant. This recognition highlights the African Development Banks pivotal role in driving Africas clean energy transition and underscores its dedication to promoting sustainable development in alignment with Mission 300 and the High 5 priorities. |
